AIICO Insurance Plc has announced a profit before tax of N3.39 billion for the nine months ended September 30, 2014, resulting in a 24 per cent increase over N995 millionrecorded in the corresponding period of 2013. Thecompany’s profit after tax grew by 257 per cent from N761million in Q3, 2013 to N2.7 billion for the period under review (Q3, 2014).
Gross premium written (GPW) for the period also grew to N27.2 billion representing 50% growth compared to N18.16 billion, while underwriting profit increased by 98% from N2.1 billion to N4.3 billion.
The company’s total assets for the Group also grew by 36 per cent from N42Bn in Q3, 2013 to N57Bn in Q3 2014.
The Managing Director/Chief Executive Officer, AIICO PLC, Edwin Igbiti has stated that the company’s financial performance is evidence of the dexterity and dedication of its people, a customer centric culture andhigh corporate governance standards.
While also commenting on the 3rd quarter results, the Executive Director, Mr Babatunde Fajemirokun said “thisis in line with the company’s FY 2014 objectives of strengthening our balance sheet and business model. The upturn in our net earnings is attributable to disciplined underwriting of risks in high-profit segments, improved operational efficiency and focus on value creation”.
No comments:
Post a Comment